H&H Collection Records Loss For Its Irish Hotels For Last Year
New financial filings have revealed that the collection of hotels and other interests owned by Dunnes Stores heir Michael Heffernan and his wife, Maureen, through their H&H Collection business experienced a loss of €3.85 million last year.
As reported by The Business Post, the couple jointly owns a group of small hotels in counties Wexford and Kerry through their H&H Collection business, which reportedly sustained a loss for the financial year and is reportedly expected to sustain losses for the next financial year due to it being in its start-up phase, according to the filings for the financial year up to the end of August of 2020.
Previous Year Losses
Losses reportedly stood at €3.15 million for the previous financial year.
Ability To Trade For At Least 24 Months
Heffernan, who has reportedly advanced the business director's loans of €4.25 million, reportedly said in his director's statement that he believes that the business has the ability to trade for at least the next 24 months due to the financial backing of the shareholders.
The salary bill for the year for the business, in which the Heffernans are reportedly 50/50 shareholders, reportedly amounted to €1.1 million, which was reportedly close to half that of the previous year.
The couple's portfolio of Irish hotels includes the Coast Kilmore Quay and the Coast Rosslare Strand hotels in Co. Wexford, and the Wilde Ballybunion hotel in Co. Kerry.
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